EV Battery Tech Developer Solid Power’s Losses Continue into Q2 2023
The company’s revenue came up to $4.91 million, a 90.3% YoY increase
Solid Power, which develops all-solid-state battery technology for electric vehicles (EV), recorded a net loss of $12.21 million during the second quarter (Q2) of the financial year (FY) 2023, a 189 % year-over-year (YoY) decrease from a profit of $13.67 million.
The company’s revenue during the April to June quarter came up to $4.91 million, a YoY increase of 90.3% from $2.58 million. The ongoing implementation of the company’s collaborative development agreements led to the increase in revenue.
Operating expenses for Q2 of 2023 reached $27.1 million, a YoY rise of $9.8 million, due to the expansion initiatives in cell and electrolyte development.
The operating loss for the Q2 of 2023 stood at $22.2 million.
President and Chief Executive Officer of Solid Power John Van Scoter said, “Significant enhancements have been accomplished in the yields of 20 Ah cells, along with the commencement of scaling up the production of electric vehicle cells. The company’s current operational focus revolves around refining production processes, elevating cell performance, and fulfilling deliveries of EV cells to our collaborative partners.”
During the first half (1H) of the year, the company’s net loss amounted to $31.36 million, a decline from a profit of $3.32 million from the corresponding period in 2022.
During the initial six months of 2023, Solid Power’s revenue reached $8.7 million, reflecting a surge of $3.9 million, a YoY increase of 81.6%.
In both Q2 and the first half (1H) of 2023, operating expenses increased when contrasted with the corresponding periods in 2022. The capital expenditure amounted to $21.2 million.
The company’s net loss widened to $19.2 million in the first quarter of 2023 compared to the loss of $10.3 million YoY..
Solid Power posted a net loss of $9.5 million for the financial year 2022 against a profit of $18 million recorded in the previous year.